\def\sym#1{\ifmmode^{#1}\else\(^{#1}\)\fi} {\centering\begin{tabular}{l*{5}{c}} \hline\hline\\ \multicolumn{5}{l}{\textit{Panel A: Characteristics of the owner}}\\\\
                    &\multicolumn{1}{c}{(1)}&\multicolumn{1}{c}{(2)}&\multicolumn{1}{c}{(3)}&\multicolumn{1}{c}{(4)}&\multicolumn{1}{c}{(5)}\\
                    &\multicolumn{1}{c}{\makecell{Very\\poor}}&\multicolumn{1}{c}{\makecell{Low \\ Education}}&\multicolumn{1}{c}{Age$>$60}&\multicolumn{1}{c}{\makecell{Sole\\Female\\Owner}}&\multicolumn{1}{c}{\makecell{Has\\Children}}\\
\hline
Group Difference    &      -4.046         &      -1.927         &      -1.636         &      -7.244         &      -6.059         \\
                    &     (22.84)         &     (15.78)         &     (24.12)         &     (12.17)         &     (15.88)         \\
\hline
Observations        &         302         &         302         &         302         &         302         &         302         \\
R$^2$               &       0.156         &       0.156         &       0.156         &       0.156         &       0.156         \\
\hline \\ \multicolumn{5}{l}{\textit{Panel B: Leader beliefs and leader-owner relationships}} \\\\
                    &\multicolumn{1}{c}{(1)}&\multicolumn{1}{c}{(2)}&\multicolumn{1}{c}{(3)}&\multicolumn{1}{c}{(4)}&\multicolumn{1}{c}{(5)}\\
                    &\multicolumn{1}{c}{\makecell{Believed\\poorest}}&\multicolumn{1}{c}{\makecell{Believed\\interested\\in loans}}&\multicolumn{1}{c}{\makecell{Believed\\interested in\\bequeathment}}&\multicolumn{1}{c}{\makecell{Family or\\friend}}&\multicolumn{1}{c}{\makecell{Meet at\\religious\\gatherings}}\\
\hline
Group Difference    &      -42.66\sym{**} &      -3.485         &       18.60         &      0.0190         &       81.55\sym{**} \\
                    &     (15.58)         &     (24.92)         &     (21.82)         &     (28.54)         &     (32.62)         \\
\hline
Observations        &         302         &         302         &         302         &         302         &         302         \\
R$^2$               &       0.363         &       0.339         &       0.341         &       0.339         &       0.368         \\
\hline \\ \multicolumn{5}{l}{\textit{Panel C: Leader Characteristics}} \\\\
                    &\multicolumn{1}{c}{(1)}&\multicolumn{1}{c}{(2)}&\multicolumn{1}{c}{(3)}&\multicolumn{1}{c}{(4)}&\multicolumn{1}{c}{(5)}\\
                    &\multicolumn{1}{c}{\makecell{Poor}}&\multicolumn{1}{c}{\makecell{Low\\Education}}&\multicolumn{1}{c}{Age$>$60}&\multicolumn{1}{c}{\makecell{Paid own\\title deed}}&\multicolumn{1}{c}{\makecell{Opposition\\Party}}\\
\hline
Group Difference    &      -47.75         &      -50.02\sym{**} &      -41.99         &      -30.02         &      -6.047         \\
                    &     (28.49)         &     (24.32)         &     (32.24)         &     (33.81)         &     (29.15)         \\
\hline
Observations        &         302         &         302         &         302         &         302         &         302         \\
R$^2$               &       0.177         &       0.182         &       0.170         &       0.162         &       0.156         \\
\hline\hline \end{tabular}\par\medskip}{\footnotesize {\it Note: }This table presents results on heterogeneity of the overprediction in the stakes group. Each observation is a leader-plot pair. The dependent variable is always leader prediction error ($\hat{w}_{ol}-w_{o}$). Neighbourhood fixed effects are included in all models, and panel B also includes leader fixed effects. Panel A uses owner indicators: in col. 1 household income is below 22 USD, col. 2 no more than primary education, col. 3 is over 60, col 4. is owned solely by a woman, and col. 5 at least one child. Panel B uses leader-owner indicators: col. 1 the leader believes that the owner is in the bottom third in terms of income, col. 2 the leader believes that the owner is interested in using their land as collateral, col. 3 the leader believes that the owner wishes to bequeath their plot, col. 4 family members or friends, and col. 5 meet together for religious gatherings. Panel C uses leader indicators: col. 1 household income is below 44 USD, col. 2 has no more than primary education, col. 3 is over 60 years old, col. 4 has paid for the title deed to their plot, and col. 5 belongs to the opposition party. Standard errors in parentheses are clustered at leader level. \sym{*}\(p<0.10\),     \sym{**}\(p<0.05\), \sym{***}\(p<0.01\).}
